Elkem

What Elkem does

Elkem ASA is a Norwegian global metals and materials producer founded in 1904 and headquartered in Oslo, listed on the Oslo Stock Exchange under ticker ELK. Following the April 2026 sale of its Silicones division to parent company China National Bluestar (via share redemption), Elkem operates as a pure-play metals and materials company organized into three divisions: Elkem Silicon (silicon metal, ferrosilicon, microsilica, and specialty silicon products for chemical, steel, and aluminum industries), Elkem Foundry Alloys (precision-formulated inoculants and preconditioners for iron foundries, with Bjølvefossen at 60,000 MT/year capacity), and Elkem Carbon (Søderberg electrode paste, carbon electrodes, and specialty carbon products, leveraging technology invented at Fiskaa in the 1920s and still used in ~70% of the world's smelting plants).

The company produces these materials through electric arc smelting of natural raw materials combined with renewable hydropower under long-term power agreements (Statkraft, Hafslund, NTE). Elkem's technology portfolio includes Elkem Solar Silicon (75% less energy than conventional methods), the world's first CCS pilot in a smelter (joint with Ferroglobe at Rana, targeting 520,000 MT CO2/year), biocarbon pelletizing, and a recycled low-emission product line supported by NOK 33 million in Innovation Norway funding. Operations span 30+ locations across Europe, Asia, the Americas, and Africa with approximately 2,700 post-divestment employees, with safety incidents including a fatal December 2025 explosion at the Saint-Fons Silicones R&D site.

Elkem's business model is quote-based B2B enterprise sales with multi-year contracts, combining direct sales to large industrial customers with an extensive authorized distributor network (Brenntag, IMCD, Barentz, Milliken, and others) across EMEA, North America, Latin America, and Asia Pacific. Revenue streams are hardware sales of silicon-based materials, foundry alloys, and carbon solutions, with sustainability credentials (top-1% EcoVadis, CDP A ratings) serving as a competitive differentiator in CBAM-exposed European markets. Following the Silicones divestment, Elkem completed a NOK 1.5 billion equity raise and EUR 1 billion debt refinancing in April 2026 to deleverage and fund restructuring, including a NOK 600 million annual cost reduction program and ~300 FTE reductions amid declining silicon/ferrosilicon pricing and EBITDA down 24-65% YoY in Q4 2025 and Q1 2026.

Name

Elkem

Legal name

Elkem ASA

Website

https://elkem.com

Company type

Public

Founded year

1904

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Elkem ASA is a Norwegian global metals and materials producer founded in 1904, operating through three divisions (Elkem Silicon, Elkem Foundry Alloys, Elkem Carbon) that supply silicon, ferrosilicon, foundry alloys, and carbon electrodes to industrial customers in steel, aluminum, foundry, and energy transition markets across 30+ countries.

Ownership category

akta.pro rank

Product category

Silicon-based metallurgical materials

NAICS

Alumina and Aluminum Production and Processing (33131)

SIC

Miscellaneous Fabricated Metal Products (3490)

akta.pro primary industry

Electric Arc Furnace (EAF) Steelmaking (Incl. DRI/HBI-Based) (IMAKABAB)

akta.pro secondary industry

Specialty & Alloy Steel (Stainless, Tool Steel, Electrical Steel, High-Strength/HSLA) (IMAKABAJ)

Keywords

• Silicon metal production
• Ferrosilicon alloys
• Foundry alloys
• Carbon electrode materials
• Metallurgical materials manufacturing

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices41 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Silicon Products: Production and sale of silicon metal, ferrosilicon alloys, microsilica, and specialty silicon products to chemical, steel, aluminum and other industries. Revenue generated through long-term supply agreements and spot market sales.
2. Foundry Alloys: Precision-formulated foundry alloy products (preconditioners, inoculants) sold to iron foundries for cast iron production. Sold directly and through distributors globally.
3. Carbon Solutions: Electrode paste (Søderberg), carbon electrodes, and specialty carbon products for submerged arc furnaces in ferroalloys, silicon and aluminum industries. Includes microsilica for construction applications. Revenue from product sales and long-term contracts.
4. Specialty Chemical Materials: Specialty silicones and silicon-based materials sold to industrial formulators for coatings, electronics, automotive, and healthcare applications. Previously a standalone division (Elkem Silicones), now divested to Bluestar in April 2026.
5. VUM Acquisition (Carbon Materials): VUM, acquired in June 2023, is a Slovak producer of carbon materials expected to contribute approximately NOK 360 million in annual revenue, later rebranded to Elkem Carbon AS.

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels10 records

Core offering

Elkem produces and globally supplies silicon-based industrial materials: silicon metal and ferrosilicon alloys for the chemical, steel and aluminum industries; precision-formulated foundry alloys (preconditioners, inoculants) for iron foundries; and carbon-based products including Søderberg electrode paste, carbon electrodes and microsilica for submerged arc furnaces and construction applications. Following the April 2026 divestment of the Silicones division to Bluestar, Elkem is now a pure-play metals and materials company organized into three divisions: Elkem Silicon, Elkem Foundry Alloys, and Elkem Carbon.

Product overview

Elkem is a global metals and materials company established in 1904, headquartered in Oslo, Norway. The company operates three business divisions: Elkem Silicon (silicon, ferrosilicon, microsilica, and specialty products), Elkem Foundry Alloys (foundry alloys for iron foundries), and Elkem Carbon (electrode paste and specialty carbon products). Prior to April 2026, Elkem also operated a Silicones division which was sold to Bluestar. Elkem's principal products include silicon, ferrosilicon, foundry alloys, carbon materials, and microsilica, supplying materials essential to modern infrastructure, transportation, manufacturing, digitalisation, and the energy transition. The company produces its materials by combining natural raw materials, renewable energy and advanced process technology. Former Silicones products included chlorosilanes, silicone oils, fluids, resins, compounds, greases, emulsions, elastomers (including Liquid Silicone Rubber, Heat Cured Rubber, RTV-1 and RTV-2 silicones), silicone foam control agents, and medical-grade silicones. Elkem also offered SILBIONE branded medical-grade liquid silicone rubber products.

Differentiator

Problem solved

Functional benefit

Brands

• Elkem Silicon Products: Provider of silicon, ferrosilicon, microsilica and related specialty products to chemical, steel, aluminium and other industries.
• Elkem Foundry Alloys
• Elkem Carbon Solutions
• Bluestar Silicones
• SILBIONE
• BLUESIL
• PURESIL
• MIRASIL
• SILCOLAPSE
• Silgrain

Products and services

• Silicon-based materials Silicon metal in a wide range of grades, ferrosilicon alloys for steelmaking, and silica fume (microsilica) for industrial applications, supplied to the chemical, steel, aluminum and other industries. Sold under the Elkem Silicon division.
• Foundry alloys Precision-formulated foundry alloy products for cast iron production, including preconditioners and inoculants that help optimize cast iron performance. Sold to iron foundries globally, including from the Bjølvefossen plant (60,000 MT/year capacity). Operated under the Elkem Foundry Alloys division.
• Carbon-based materials (electrodes and specialty carbon) Carbon-based electrodes and other products for submerged arc furnaces, including the proprietary Søderberg electrode paste first developed in the 1920s and used in approximately 70% of the world's smelting plants. Includes electrode paste, carbon electrodes, and specialty carbon products for ferroalloy, silicon and aluminum industries, plus microsilica for construction. Operated under the Elkem Carbon division.
• Other specialty products Specialties for refractories and oilfield, silicon carbide, ferrosilicon nitride, fused silica, and silica additives for polymers, serving niche industrial markets.

Quantifiable outcome

• Elkem Solar Silicon produced with 75% less energy than conventional methods
• +9 more outcomes

Named customers2 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Twelve partnerships are on record, tiered core and supporting.

• CHAR Technologies Ltd.coreStrategic or Co-development Partner · 17 June 2026CHAR Technologies Ltd. acquired Elkem ASA's biocarbon pellet production facility, intellectual property, and related assets in Saguenay, Québec in April 2026. The transaction includes a five-year offtake agreement securing 62,500 tonnes (12,500 tonnes/year) of biocarbon supply to Elkem. CHAR Tech plans to upgrade the facility to 15,000 tonnes/year capacity. Bioveld Canada (subsidiary of BMI Group) supports via term loan. The investor update call on June 18, 2026 covers Saguenay facility progress and Thorold Renewable Energy Facility commissioning.
• StatkraftcoreStrategic or Co-development Partner · 6 June 2026Elkem and Statkraft signed a seven-year power agreement (2026-2033) to secure continued industrial operations at Elkem's Bjølvefossen plant in Norway. The plant employs around 150 people and is one of the world's largest foundry alloys producers (60,000 MT/year). The agreement provides predictability for Elkem's operations, protects jobs, improves competitiveness, and supports European industrial security during geopolitical uncertainty.
• MillikensupportingChannel Partner/ Reseller/ Distributor · 2 June 2026Elkem named Milliken as the exclusive North American distributor for select silane and siloxane materials as of June 2026. This extends Elkem's market reach for specialty chemical products in the North American market.
• Ivalua and PwCsupportingImplementation/ SI/ Consulting Partner · 3 December 2025Elkem partnered with Ivalua (supplier management technology) and PwC (implementation consulting) to centralize supplier data, standardize processes, and improve ESG performance across thousands of supplier records. The collaboration involves integrating Ivalua's platform with existing systems and change management support.
• NTE (NTE)coreStrategic or Co-development Partner · 1 July 2025Elkem signed a long-term power purchase agreement with NTE in Norway (July 2025) to secure competitive energy supply for its Norwegian operations, enhancing operational predictability and cost competitiveness.
• NCL (North Sea Container Line AS) and MPCC (MPC Container Ships ASA)coreStrategic or Co-development Partner · 1 April 2025Elkem (40% ownership), NCL, and MPCC inaugurated the biomethanol-powered container vessel NCL Vestland for low-emission container shipping between Norway and Rotterdam. The vessel achieves 63% reduction in energy consumption per TEU vs existing fleet. Project received NOK 13.7 million from Enova and NOK 60 million from the NOx fund. Elkem transports Norwegian goods and critical materials to European markets under an agreement with Equinor for bioethanol sourcing.
• HafslundcoreStrategic or Co-development Partner · 18 December 2024Elkem signed a long-term power agreement with Hafslund (December 2024) to secure competitive energy supply for Norwegian industrial operations, improving cost competitiveness amid volatile power markets.
• StartuplabsupportingStrategic or Co-development Partner · 17 October 2024Elkem entered a strategic partnership with Startuplab to drive green industrial technology innovation. Startuplab is a Norwegian startup accelerator/fund focused on industrial technology, providing Elkem with access to innovative startups and potential new technologies.
• FerroglobecoreStrategic or Co-development Partner · 18 March 2024Elkem and Ferroglobe are collaborating on a joint carbon capture and storage (CCS) project in Rana, Norway. The project received a NOK 17 million (~EUR 1.5 million) grant from Enova to fund a pre-study. If successful, the project aims to capture 95% of CO2 emissions from both companies' plants, totaling approximately 520,000 MT CO2 annually, for permanent geological storage. The project involves technical solutions for capture, liquefaction, storage, and energy recovery.
• Zero (environmental foundation)supportingStrategic or Co-development Partner · 25 May 2023Elkem and environmental foundation Zero entered a partnership for industrial climate solutions, supporting Elkem's decarbonization agenda and sustainability strategy.
• Aker Carbon Capture and SaipemsupportingStrategic or Co-development Partner · 25 February 2021Elkem partnered with Aker Carbon Capture and Saipem to study carbon capture opportunities, combining Elkem's metallurgical process expertise with Aker's CCS technology and Saipem's engineering capabilities.
• FREYRsupportingStrategic or Co-development Partner · 26 October 2020Elkem signed a memorandum of understanding (MoU) with FREYR for supply of battery materials, positioning Elkem as a potential supplier to FREYR's planned battery gigafactories in Norway.

Scale indicators13 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• Tronox Holdings: Tronox is a leading integrated producer of titanium dioxide, zircon and specialty inorganic materials with global operations. Comparable to Elkem as a publicly listed specialty materials/inorganic chemicals producer serving industrial customers with vertically integrated, hard-to-replace process technology.
• Dow Inc. Dow is a major global materials science company producing silicones (DOWSIL), performance materials and industrial intermediates. Comparable to Elkem specifically in silicones (now divested to Bluestar) and overlapping in performance materials and industrial intermediates for cross-customer industries.
• Wacker Chemie AG: Wacker Chemie is a German integrated chemical company producing polysilicon, silicones and biosolutions with hyperscale smelting operations. It is comparable to Elkem in silicon metal/polysilicon and (prior to divestment) silicones, operating similar process technology and competing for silicon-based specialty applications.
• Shin-Etsu Chemical: Shin-Etsu Chemical is one of the world's largest producers of silicones, PVC and semiconductor silicon, with leading silicon metal/polysilicon operations. It overlaps with Elkem in silicon-based specialty materials and (pre-divestment) silicones; both companies serve similar electronics, automotive and construction end markets.
• Norsk Hydro: Norsk Hydro is a Norwegian integrated aluminum and renewable energy producer. Comparable to Elkem as a Norwegian industrial metals/energy company, and was a former co-investor (with Altor) in Vianode, Elkem's battery materials joint venture, sharing both customer base and decarbonization strategy.

Direct peers

• SGL Carbon: SGL Carbon is a global manufacturer of carbon and graphite products, including graphite electrodes and specialty graphites for the steel, aluminum and ferroalloy industries. It is a direct peer to Elkem Carbon in producing carbon-based consumables for electric arc furnace and metallurgical operations.
• ASK Chemicals: ASK Chemicals is a global foundry chemical supplier producing binders, coatings, feeders, filters and inoculants for cast iron foundries. It directly competes with Elkem Foundry Alloys in supplying iron foundries with specialty preconditioners, inoculants and metallurgical additives.
• Ferroglobe: Ferroglobe is a leading global producer of silicon metal, silicon-based alloys (including ferrosilicon), and silicon foundry products serving steel, aluminum, chemicals and solar end markets. It is the closest direct competitor to Elkem's silicon, ferrosilicon and foundry alloys businesses, and is also Elkem's joint venture partner on the Rana CCS project.
• Foseco (Vesuvius plc): Foseco, a brand of Vesuvius plc, manufactures consumables, equipment and process solutions for foundries and steelmakers, including inoculants, preconditioners and metallurgical additives. It directly overlaps with Elkem Foundry Alloys' iron-foundry customer base and product portfolio.
• Graphite India: Graphite India is one of India's largest graphite electrode manufacturers, producing carbon and graphite electrodes for electric arc furnace steelmaking and ferroalloy smelting. It directly parallels Elkem Carbon's electrode paste (Søderberg) and specialty carbon business serving EAF operators globally.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCHsBo4mghKVHaQI2Q8md1hw
• Facebookfacebook.com/ElkemASA
• LinkedInlinkedin.com/company/163599
• Instagraminstagram.com/elkemasa
• Xx.com/elkem_asa

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries6 records

Funding overview

Funding rounds12 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A5 records

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Elkem